Huntsman Family Affiliate Signs Long-term Franchise Agreement with Sotheby’s International Realty Brand for Luxury Real Estate Operations in Jackson Hole, Wyo., Driggs and Sun Valley, IdahoPARSIPPANY, N.J. and JACKSON HOLE, Wyo. (May 7, 2010) – Sotheby’s International Realty Affiliates LLC today announced the signing of a 20-year franchise agreement with a company wholly owned by the Jon M. Huntsman family for the existing Sotheby’s International Realty luxury residential real estate operations in the Jackson Hole, Wyo., and the Driggs and Sun Valley, Idaho, markets. The Huntsman family has significant real estate investments as well as philanthropic and personal interests in the region. David Huntsman, who oversees all of the family’s real estate interests in Idaho and Wyoming, will direct the Sotheby’s International Realty operations in both regions.
“We are extraordinarily pleased to have the Huntsman family and their distinguished reputation become part of our luxury real estate brand network,” said Michael R. Good, chief executive officer, Sotheby’s International Realty Affiliates LLC. “The Sotheby’s International Realty brand has enjoyed a presence in the greater Jackson Hole area since 1999 and in Sun Valley since 2005. This new long-term relationship with the Huntsman family will ensure that our global brand will continue to have strong market presence in these key Western markets for many years to come.”
As part of the transaction, the Huntsman family affiliate company acquired the existing Sotheby’s International Realty Inc. offices located in Jackson Hole, Driggs and Sun Valley, which were previously owned and managed by NRT LLC, the largest owner and operator of real estate brokerages in the United States. Financial terms of the transaction were not disclosed.
“We have observed and respected the professionals at Sotheby’s International Realty in these markets for many years,” said Jon Huntsman. “We are excited now to have the opportunity to join forces with the best in the industry and look forward to supporting their continued growth and success.”
Under the agreement, these offices will continue to operate as part of the Sotheby’s International Realty brand and will do business under new geographic names. The offices in the Jackson Hole and Driggs region will operate as Jackson Hole Sotheby’s International Realty while the offices in the Sun Valley area will do business as Sun Valley Sotheby’s International Realty. The existing Sotheby’s International Realty regional leaders, staff members and approximately 160 sales associates are all expected to remain with the company.
“We are proud of the growth and success that we achieved in these mountain resort areas over the years,” said Kathryn A. Korte, president and CEO of Sotheby’s International Realty, Inc. “At the same time, we recognized that this was a unique and valuable opportunity for our presence in these markets to be aligned with the Huntsman family. Through their ongoing membership with the Sotheby’s International Realty affiliate network, these offices and sales associates will
maintain their close referral ties with the entire global brand network, which will be to everyone’s benefit.”
The Sotheby’s International Realty network has approximately 500 offices in 38 countries and territories worldwide. Franchise affiliates benefit from an association with the world-renowned Sotheby’s Auction House, established in 1744.
About Sotheby’s International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744.